Existing home sales continue to rise across the nation

The Ann Buchanan Team

According to Ruth Mantell with the Washington MarketWatch:

Existing-home sales in May were up 12.9% from the same period in the prior year — the largest growth since October 2011. Meanwhile, year-over-year median prices rose 15.4% in May, the largest growth since 2005.

Existing-home sales rose 4.2% in May to the highest pace since November 2009 pointing to a continuing recovery the National Association of Realtors reported Thursday.

The median existing-home price hit $208,000 in May, the highest since 2008, with low inventory supporting prices. The median price is up 15.4% from the same period in the prior year, the largest growth since 2005.

Inventories rose 3.3% in May for existing homes for sale. The supply of existing homes declined to 5.1 months, and to 3.2 months in Nashville, TN. The share of the sales accounted for by distressed properties and first-time buyers remained low.

As home prices continue to…

View original post 187 more words

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